Session 1 and 2

Question 1

What is strategy?

Answer 1

path needed to get from where we are today to where we want to be.

Involves long-term thinking and most of the time there are multiple strategies that take place at the same time.

Question 2

Why is strategy important?

Answer 2

it defines the organization and gives a focus of effort within the organization. Also provides consistency for efficiency and focus. It allows the company to position/set a direction within the environment

Question 3

What are the 4 questions/processes to create a strategy?

Answer 3

1. Analyse current context (where we want to go)
2. Evaluate the firm’s capabilities/competences (How to compete)
3. Formulate a strategy and implement (How do we get there?/how to execute)
4. Control, monitor and modify (are we there yet? is there something better?)

Question 4

What is a vision?

Answer 4

enduring word picture of what the firm wants to be and expects to achieve in the future. Provides the core values of the firm.

Question 5

What makes a good vision?

Answer 5

• Challenges its people
• reflects firm’s values and aspirations
• development includes all stakeholders
• Recognizes firm’s internal, external and competitive environment
• Supported by upper management actions/decisions

Question 6

What is a mission statement?

Answer 6

Concrete, near-term focus on current product markets and customers than a vision. What must be done to achieve your vision

Question 7

What makes a good mission statement?

Answer 7

• Specifies the present businesses in which the firm intends to compete and who it will serve
• Inspiring and relevant to all stakeholders

Question 8

Are mission/vision statement consistent throughout organizations?

Answer 8

No, sometimes they are flipped. important thing is to have a long-term reason to exist and short-term goals. Sometimes they are combined